Buying a property of your own has become the “greatest Australian dream”. But many people are struck by the rising prices and high-interest rates.
According to the Australian Bureau of Statistics survey on housing occupancy and costs, 66 per cent of Australian households owned their own home with or without a mortgage.
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On today’s episode of The Briefing, we spoke to property guru Dr Andrew Wilson on what you need to do to buy a home in 2024.
As the housing market in Australia continues to pose challenges, prospective homebuyers are seeking guidance on navigating the complexities of purchasing property in 2024.
Dr Andrew said the rental hikes pushed some first-home buyers into buying despite high prices and interest rates.
In the current real estate market, housing supply is low, and the high construction cost means more buyers are purchasing existing properties.
Dr Andrew emphasises the importance of understanding personal circumstances. Buyers should consider factors such as the type of property, the preferred area, and the duration they plan to stay in the property rather than viewing the purchase solely as a capital investment.
Understanding that you’ve gotta start somewhere, and that’s the Australian story. I think you’ve gotta be prepared to make compromises,”
He said housing is not only an issue across Australia, but also other countries like the US and Western Europe struggle to house their populace.
We just have too many people and not enough houses in this country, and it’s not just Australia that’s suffering from this undersupply of dwellings,”
It’s a systemic problem, and the solutions, I’m not sure, will be anywhere upon us for quite some time. So I think that’s the point that your options are quite limited now. So the sooner you can become a homeowner, I think the better.”
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